虛擬通貨監管的比較法發展與我國監管架構芻議

The Comparative Development of Crypto-Asset Regulation and the Proposal on the Regulatory Structure for Taiwan

2022年一系列的虛擬通貨事件，包括穩定幣UST崩跌以及FTX交易所破產事件，使虛擬通貨監管的議題受到高度重視，我國行政院亦承諾開始研擬虛擬通貨的監管法制。但虛擬通貨的監管議題涵蓋層面極為廣泛，比較法上各國著重的監管議題亦不相同，增加了我國形成具體監管法制的難度。本文將眾多虛擬通貨監管議題歸納為發行監管、不正市場行為監管以及業者監管三大層面，並回顧與分析個別層面的監管重點、我國法制現況以及比較法發展情形，進而針對我國短、中、長期可著重的監管調適方向提出建議，期待協助我國主管機關聚焦虛擬通貨監管相關議題與釐清監管發展方向。

A series of crypto-asset incidents in 2022, including UST’s collapse and FTX’s bankruptcy, have triggered heightened attention to crypto-asset regulation. Taiwan’s Executive Yuan also promised to commence studying crypto-asset laws. However, the crypto-asset entails a tremendously broad range of regulatory issues while different countries’ focuses vary, making it difficult for Taiwan to formulate specific regulations. In light of this challenge, this paper summarizes the regulatory issues related to the cryptoasset into three main aspects: offering regulation, abusive market practice regulation, and business regulation. This paper further reviews the regulatory key points, Taiwan’s current laws, and the comparative law developments of each aspect. On these bases, this paper finally proposes directions for Taiwan’s regulatory adaptation in the short, medium, and long terms. It is anticipated that this paper may assist Taiwan’s regulators in identifying the regulatory issues related to the crypto-asset and clarify the direction for future regulations.